Regulatory Alerts2024-05-29
Instruction COSOB No. 24-04 of May 29, 2024 Fixing the Model of the Sponsorship Agreement by the Stock Exchange Promoter for Companies Seeking Admission to the Growth or Emergent Market
The Algerian Commission for the Organization and Supervision of Stock Market Operations (COSOB) issued Instruction No. 24-04 to establish the mandatory model for sponsorship agreements between companies seeking admission to the Growth or Emergent market compartments and their stock exchange promoters. This instruction supersedes previous regulations and defines the minimum stipulations, including specific due diligence, advisory, and coordination obligations for the promoter, as well as cooperation and governance requirements for the listed company. It further standardizes fee structures, contract validity periods, and dispute resolution mechanisms to ensure market integrity and investor protection.
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